Warrington-based LUV Financial Solutions has appointed former owner and founder of Academy Leasing Mike Nolan as a non-executive director.
LUV was set up by entrepreneurs Steve Coulthard and Steve Hibbert who financially supported the start-up of the business in 2014 as a car finance broker.
In 2015 the business received investment from Jeremy Carr of Energize Capital, later appointing Richard Fothergill, sales director, to set up its asset finance brokerage in April 2018.
LUV FS has appointed Nolan to create an own-book facility to complement the asset Finance brokerage and the used car finance operation.
Nolan was a founding director of Academy Leasing, and when the company was sold to 1PM in August 2015, stayed on as a board member for 3 years with responsibility for the asset finance division and identification of acquisition opportunities.
During his tenure the group turnover rose from £12.5m to £30m with a pre-tax profit of £7.9m from £2.5m and now comprises 7 group companies all of which serve SMEs in the UK.
Mike Nolan said: “This is a great time to be involved in a business with a young enthusiastic team which is well supported by its ambitious shareholders. My objective is to help LUV Asset Finance develop a more comprehensive range of financial products to offer to both individuals and SMEs throughout the UK”
Chairman Steve Hibbert said: “I am delighted that Mike Nolan has decided to join the main board of LUV Financial Solutions as non-exec director. His expertise and industry knowledge after building one of the UK’s largest independent leasing companies (Academy Leasing) will help push LUV on to the next stage of its growth plans to be a leading independent “go to” Finance Solution specialising in Motor, Asset and development and bridging finance”.
Steve Coulthard, managing director, said: “LUV has achieved rapid growth to date and has exciting future expansion plans. This is an amazing opportunity for both Mike and LUV Asset Finance and we welcome him on board.”
LUV FS said its current annual turnover is £15m, with gross profit in excess of £2m, and it employs over 30 staff.